According to a Wednesday, August 10, press release, these services include accounts, cards, payments, and loans, all of which can be added in weeks using a single platform.
“Together with Thread, Unit will be able to enable more businesses to offer unique banking solutions powered by industry-leading technology and partners,” said Itai Damti, CEO and Co-Founder of Unit.
Read more: BaaS firm unit valued at $1.2 billion after Series C
Thread CEO Chris Black added: “We believe the future of banking is digital, connected, contextual and customer-centric. Through carefully selected partnerships and technology, our unique and differentiated banking strategy will dramatically improve the way individuals and small businesses handle day-to-day banking tasks.
As PYMNTS recently noted, 67% of consumers in the United States access their bank through digital channels, whether it’s checking balances, paying bills or monitoring transaction alerts. And Bank of America CEO Bryan Moynihan said recently that 85% of deposits are processed or enabled digitally, with only 15% even involving a teller.
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Unit and Thread Bank say the partnership has already been extended to a number of companies, which are expected to launch banking and credit products in the coming weeks.
“Thread Bank is one of four banking partners powering Unit’s Banking-as-a-Service (BaaS) platform,” the statement said. “While most BaaS providers rely on a single banking partner, Unit maintains multiple banking relationships to support the broadest range of financial products and expand customer capacity.”
The partnership comes three months after a major milestone for Unit. In May, the company announced that it had raised $100 million in a Series C funding round, bringing its valuation to $1.2 billion. This made Unit the first BaaS company to achieve unicorn status, a term for a private company valued at over $1 billion.